A former Dean, Faculty of Agriculture, University of Ilorin, Kwara State, Prof Abiodun Adeloye, said a functional livestock insurance scheme will protect farmers and their assets after disasters.
He said agriculture is a risky business exposed to volatile production and commodity prices, and ensuring a sustainable food supply for the growing population is one of the biggest global challenges today.
However, this huge livestock industry faces a number of potential threats including floods, fires, epidemics and unavailability of fodder. Moreover, there are no customised insurance product offerings to suit the diverse needs of farmers across the industry
He said livestock insurance will help farmers reduce their losses in crop and livestock production.
According to him, there is need to help livestock producers limit losses in coming years.
Some of the risks that livestock farmers face that can be insured include mortality, uncontrollable pest and disease or epidemics, snake bites, theft, natural hazards such as fire, lightening and floods among others.
Such insurance programmes, according to him, would insure against loss of revenue and loss of animals. These risks, according to him,discourage a lot of people from undertaking farming.
He said they can face such risks with protection from insurance.
According to him, it is important for farmers to arrange appropriate insurance for their livestock.
With a functional livestock policy, he said farmers will be encouraged to cultivate a culture of insuring their live stock. Under livestock insurance, farmers may insure their cattle, goats, sheep and camels.